Opendoor is attempting to mount a comeback after a tumultuous few years.Opendoor Technologies (OPEN 6.95%) is still down significantly from its 2021 peak, but it has been a massive winner in 2025. The stock is up by more than 340% since January, with much of those gains coming in the summer after a hedge fund manager posted about the stock on social media.The iBuying company is attempting to bring the click-and-buy e-commerce experience to the housing market. It has been a tough battle thus far. High mortga ...

CHONGQING, CHINA - JULY 31: In this photo illustration, a smartphone displays the logo of Opendoor Technologies Inc. (NASDAQ: OPEN), an American online real estate platform for buying and selling homes, in front of a screen showing the company's latest stock market chart on July 31, 2025 in Chongqing, China. (Photo illustration by Cheng Xin/Getty Images)Getty ImagesOpendoor Technologies (NASDAQ: OPEN), the trailblazer of the iBuying model in real estate, has surged significantly in 2025, increasing nearly 2 ...

公司近期股价表现 - 近期股价大幅飙升，在过去一个月内涨幅超过300%，从低于1美元涨至2.25美元 [2] - 股价上涨被归因于市场高涨的做多情绪以及可能存在的空头挤压，而非公司基本面的改善 [2][14] 公司商业模式与运营状况 - 公司定位为住宅房地产交易的电子商务门户，通过向卖家提供即时现金报价来快速收购房产，然后转售给买家，旨在从买卖价差中获利 [4] - 该iBuying模式在COVID-19疫情期间的房地产繁荣中一度受欢迎，营收曾超过150亿美元，但在过去12个月已降至50亿美元 [5] - 公司难以实现规模化，99%的房地产交易仍通过传统的房地产经纪人模式完成 [6] - 随着2022年初房价见顶，公司难以盈利，导致库存减记并被迫缩减业务规模 [5] 公司财务状况与盈利能力 - 公司年营收约50亿美元，但市值仅为16.4亿美元 [9] - 盈利能力极差，上一季度毛利率仅为8.6%，毛利润为9900万美元 [9] - 高昂的运营费用和债务利息支出严重侵蚀利润，上一季度运营费用为1.55亿美元，利息支出为3300万美元，导致季度净亏损 [10] - 公司从未实现盈利，年净亏损达3.68亿美元 [10][12] - 商业模式存在核心缺陷：为扩大规模需要举债融资购买房产作为库存，但收入下降后无法覆盖固定的运营和债务成本 [11] 行业与市场环境 - 美国成屋销售数量因抵押贷款利率上升和高房价而大幅下降，使得大多数买家无法负担，这缩小了公司的可触达市场 [6]